In fact, leading two-wheeler makers of the country like TVS Motors, Kinetic and the Hero Group and some non-auto companies as well are rushing to cash-in on the soaring fuel prices and make electric two-wheelers.
An electric two-wheeler can run for around 70 km on a single charge, that costs anywhere between Rs 4 and Rs 5, and is environment-friendly.
Hero Electric, a 100% subsidiary of the Munjal’s Hero Group, alone is expecting to sell 70,000 units this fiscal year, a number which all the 30 odd players in the market put together sold last year.
The company, which launched e-bikes last March, sold 21,000 units in 2008. The market for electric two-wheelers (e-bikes) is expected to grow by around 150% in the current fiscal to 170,000 – 180,000 units from around 70,000 units sold in 2007-08, according to industry estimates.
The latest to enter the bandwagon is Delhi-based Lohia group, which is setting up a Rs 150- crore facility in Uttarakhand to make two lakh units of electric scooters and three-wheelers per annum.